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NSW raises FHOG cap

16 June 2014 3:47PM
The New South Wales Government has extended its first home owner grant scheme to allow purchasers of more expensive properties to qualify.The scheme offers A$15,000 to people buying a first home if it is a newly constructed dwelling, or if they are building a home. At present there is a $650,000 cap on the value of the dwelling. The Government will confirm an increase in the cap to $750,000 when it hands down the state budget on Tuesday.South Australia is also changing the terms of its scheme, so that the grant will no longer be available for buyers of established homes.From July 1, people in SA buying their first home will receive a A$15,000 grant if they are buying a newly built house, flat or townhouse. The value of the property must not exceed $575,000.The change in South Australia brings it into line with similar changes to grant schemes in other states. Victoria's first home owner grant is worth $10,000 and only applies to the purchase of a new home.Queensland's grant is worth $15,000 and only applies to new homes. The grant is only available if the value of the home is below $750,000.

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